Arabian Drilling Co Shares Up 18% on Market Debut

Yousef Saba
Monday, November 7, 2022

Shares of Arabian Drilling Company , a Saudi oilfield services firm, were up 18% above its listing price on its market debut in Riyadh on Monday, in a sign that investors still have appetite for local flotations despite a gloomy outlook for the world economy.

The shares traded at 118 riyals ($31.40) at Tadawul's open, from an IPO price of 100 riyals a share. The flotation, the latest in a string of IPOs from the Gulf that have defied global market trends, raised 2.67 billion riyals. 

Arabian Drilling was priced at the top end of a range announced last month, valuing the company at 8.9 billion riyals. 

The Industrialization & Energy Services Company (TAQA) and Services Petroliers Schlumberger S.A., owned by Schlumberger (now SLB), sold a 30% stake in the company in the IPO. 

($1 = 3.7575 riyals) 

(Reuters - Reporting by Yousef Saba, Editing by Louise Heavens)


Categories: Finance Drilling Industry News Activity People & Company News

Related Stories

CNOOC Finds Oil and Gas in South China Sea

Valeura Makes Progress with Multi-Well Drilling Campaign in Gulf of Thailand

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

Valeura Concludes Eight-Well Drilling Campaign in Gulf of Thailand

Velesto’s Jack-Up Rig Up for Drilling Job Offshore Vietnam

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

Hanwha Ocean Marks Entry into Deepwater Drilling Market with First Drillship

Borr Drilling Bags Three New Assignments for its Jack-Up Drilling Rigs

CNOOC Makes Major Oil and Gas Discovery in South China Sea

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

Current News

Pandion Energy Divests Interests in Three Norwegian Assets to Inpex

China Starts Production at Major Oil Field in Bohai Sea

Dutch Contractor Completes Malaysia’s Largest 'Rig-to-Reef' Decom Project

China Rolls Out 17MW Floating Wind Turbine Prototype

SBM Offshore’s Jaguar FPSO Enters Drydock in Singapore (Video)

EnQuest Picks Up Offshore Oil and Gas Block in Brunei

CNOOC Finds Oil and Gas in South China Sea

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

KBR-SOCAR Joint Venture Secures Work for BP in Azerbaijan

Baker Hughes, Petronas Team Up for Asia-Pacific Energy Resilience

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com